Evolution Malta Holding Shares Plummet in Wake of UK Gambling Commission Review

Evolution Malta Holding has seen its shares drop substantially following reports of a review by Great Britain's Gambling Commission.

Specifically, it the review commenced under Section 116 of the Gambling Act 2005, after the Commission identified Evolution games being accessible from the UK through operators not holding a licence.

The probe comes just weeks after BC.Game was forced to pull out of the UK market following reports of possible insolvency, something that gambling company has denied.

Possible remedies include, but are not limited to, financial sanctions and even suspensions.

The provider says it is in full cooperation with the Commission.

“Evolution embraces the objectives of the review by the Commission,” said Evolution CEO Martin Carlesund. “We are committed to support the licensed UK market as well as preventing unlicensed traffic.  We are now taking forceful action using all technical tools available to us to ensure that our games only are available in the UK through Commission licensed operators. 

“We believe that a close collaboration to address our joint concerns will lead to swifter and better results. As always we remain committed to an open and transparent relationship with our regulators.”

Approximately 3 per cent of Evolution’s revenue is generated in the UK.

Beginning Saturday, Gambling911.com identified several hundred searches related to the Gambling Commission investigation into Evolution via Google alone.

Shares in Evolution AB (STO:EVO) were trading 12.13 per cent lower at SEK804.20 per share in Stockholm Monday morning following the announcement late-Friday.

Evolution is among the largest online casino providers on the planet with brands that include Netent and Red Tiger.  It also has a partnership deal in place with FanDuel.